LGND — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($202.55)
DCF	$545.85	+169.5%
Graham Number	$51.26	-74.7%
Reverse DCF	—	implied g: 20.3%
DDM	—	—
EV/EBITDA	$205.22	+1.3%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $87.09M

Near-term growth (yrs 1–5)(%)Rev: 39.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.98%

Computed WACC: 8.98%

Cost of equity (Re)9.99%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)89.83%

Debt weight (D/V)10.17%

Results

Intrinsic Value / share$547.91

Current Price$202.55

Upside / Downside+170.5%

Net Debt (used)-$281.98M

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	31.4%	35.4%	39.4%	43.4%	47.4%
7.0%	$637.85	$736.43	$847.23	$971.34	$1109.94
8.0%	$504.56	$581.63	$668.21	$765.18	$873.43
9.0%	$413.43	$475.80	$545.85	$624.27	$711.79
10.0%	$347.51	$399.26	$457.36	$522.39	$594.94
11.0%	$297.84	$341.60	$390.71	$445.65	$506.94

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $2.27

Book Value / share($)Yahoo: $51.44

Results

Graham Number$51.26

Current Price$202.55

Margin of Safety-74.7%

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.98%

Terminal growth rate(%)

Computed WACC: 8.98%

Cost of equity (Re)9.99%(Rf 4.30% + β 1.03 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)89.83%

Debt weight (D/V)10.17%

Results

Current Price$202.55

Implied Near-term FCF Growth20.3%

Historical Revenue Growth39.4%

Historical Earnings Growth—

Base FCF (TTM)$87.09M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$202.55

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $80.97M

Target EV/EBITDA multipleCurrent: 46.4×

Net Debt($B)Default: -$281.98M

Results

Implied Equity Value / share$205.22

Current Price$202.55

Upside / Downside+1.3%

Implied EV$3.76B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	-$2.28B	-$1.28B	-$281.98M	$718.02M	$1.72B
42.4x	$290.38	$239.57	$188.76	$137.96	$87.15
44.4x	$298.61	$247.80	$196.99	$146.18	$95.38
46.4x	$306.84	$256.03	$205.22	$154.41	$103.60
48.4x	$315.07	$264.26	$213.45	$162.64	$111.83
50.4x	$323.29	$272.49	$221.68	$170.87	$120.06

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